Global Trust Asset Management LLC Sells 30,237 Shares of Seacoast Banking Corporation of Florida $SBCF

Global Trust Asset Management LLC trimmed its holdings in Seacoast Banking Corporation of Florida (NASDAQ:SBCF) by 64.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 16,796 shares of the financial services provider’s stock after selling 30,237 shares during the period. Global Trust Asset Management LLC’s holdings in Seacoast Banking Corporation of Florida were worth $509,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. William Blair Investment Management LLC raised its position in shares of Seacoast Banking Corporation of Florida by 4.9% in the fourth quarter. William Blair Investment Management LLC now owns 1,282,535 shares of the financial services provider’s stock valued at $40,297,000 after purchasing an additional 59,780 shares during the period. Deprince Race & Zollo Inc. lifted its stake in shares of Seacoast Banking Corporation of Florida by 3.5% during the 4th quarter. Deprince Race & Zollo Inc. now owns 2,224,435 shares of the financial services provider’s stock worth $69,892,000 after buying an additional 76,192 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Seacoast Banking Corporation of Florida by 11.1% during the 4th quarter. Vanguard Group Inc. now owns 7,088,869 shares of the financial services provider’s stock worth $222,732,000 after buying an additional 705,554 shares during the period. Legato Capital Management LLC boosted its holdings in shares of Seacoast Banking Corporation of Florida by 159.6% during the 4th quarter. Legato Capital Management LLC now owns 65,599 shares of the financial services provider’s stock worth $2,061,000 after buying an additional 40,334 shares during the period. Finally, UBS Group AG grew its stake in Seacoast Banking Corporation of Florida by 23.9% in the 4th quarter. UBS Group AG now owns 484,006 shares of the financial services provider’s stock valued at $15,207,000 after buying an additional 93,381 shares during the last quarter. 81.77% of the stock is currently owned by institutional investors.

Seacoast Banking Corporation of Florida Trading Up 0.5%

SBCF stock opened at $33.25 on Wednesday. Seacoast Banking Corporation of Florida has a 52 week low of $27.13 and a 52 week high of $35.55. The company has a market capitalization of $3.23 billion, a PE ratio of 21.88 and a beta of 0.86. The company’s 50-day simple moving average is $31.04 and its 200 day simple moving average is $31.78. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.78 and a current ratio of 0.78.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last announced its earnings results on Tuesday, April 28th. The financial services provider reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.58 by $0.04. Seacoast Banking Corporation of Florida had a net margin of 14.42% and a return on equity of 8.23%. The firm had revenue of $205.10 million for the quarter, compared to analyst estimates of $205.51 million. During the same quarter in the prior year, the business posted $0.38 EPS. The business’s revenue was up 45.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Seacoast Banking Corporation of Florida will post 2.51 earnings per share for the current year.

Seacoast Banking Corporation of Florida Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were given a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 2.3%. The ex-dividend date was Monday, June 15th. Seacoast Banking Corporation of Florida’s dividend payout ratio is currently 50.00%.

Insider Activity

In other news, Director Dennis S. Hudson III sold 8,000 shares of the business’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $31.41, for a total value of $251,280.00. Following the transaction, the director directly owned 220,854 shares of the company’s stock, valued at $6,937,024.14. The trade was a 3.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Charles M. Shaffer sold 10,367 shares of the business’s stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $30.88, for a total value of $320,132.96. Following the completion of the transaction, the chief executive officer directly owned 174,113 shares in the company, valued at approximately $5,376,609.44. This trade represents a 5.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 25,919 shares of company stock worth $806,733. Corporate insiders own 1.50% of the company’s stock.

Wall Street Analysts Forecast Growth

SBCF has been the subject of several research reports. Wall Street Zen upgraded shares of Seacoast Banking Corporation of Florida from a “sell” rating to a “hold” rating in a research report on Tuesday, June 2nd. Weiss Ratings lowered Seacoast Banking Corporation of Florida from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, June 15th. Finally, Piper Sandler increased their target price on Seacoast Banking Corporation of Florida from $32.50 to $34.00 and gave the stock a “neutral” rating in a research note on Monday, June 22nd. Two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, Seacoast Banking Corporation of Florida presently has a consensus rating of “Hold” and an average price target of $35.00.

About Seacoast Banking Corporation of Florida

Seacoast Banking Corporation of Florida operates as a bank holding company through its principal subsidiary, Seacoast National Bank. Headquartered in Stuart, Florida, Seacoast National Bank provides a full range of commercial and retail banking services across the coastal region of Florida. Its network of branches serves customers from Martin County through Miami-Dade County, offering deposit accounts, lending solutions, cash management and payment services to individuals, small businesses and middle-market companies.

In addition to traditional banking, Seacoast offers specialized mortgage lending and wealth management services.